Yesterday it was announced that L’Oreal USA acquired Carol’s Daughter! When I first heard the news I was beyond excited. Literally screamed in the car.
I was eager to share the news with anyone and everyone especially friends. This is a WIN FOR SMALL BUSINESSES! Not just Lisa and the Carol’s Daughter team.
So many people were quick to talk about the bankruptcy that happened earlier this year — they still did not share the correct facts about that.
Then, others discussed staying “black owned”! Saying she was “selling out” and what about passing her company on to future generations.
Carol’s Daughter was started 21 years ago at a church flea market. She landed a spot on Oprah with NO PR team! Celebrities endorsing her left & right. Investors seeking partnerships. Department store partnerships – Target, Ulta, Belk, Sephora & more. Products on military bases world-wide! Accolades a miles long!
I talked to my friend Jessica of DSR Apparel about the deal all day. We conversed about how she built a company on a solid foundation before the internet. You purchased products at the church, flea markets, then their catalogs and so on. This is a huge accomplishment for her. Something she should be proud of, not plagued by bloggers, media outlets, and bystanders with their catty comments. (Read comments on Facebook and Instagram)
In all the negative talk not one publication or blog said, “Wonder what’s Lisa reasoning behind this is”. Not one! Or “What does this mean for the small businesses around the world?”. Yes, there are people extremely happy for her. I am not sweeping that under the rug. As a small business owner she inspires me and I’m excited for what this means. After being in thought for some hours, I realized that this would be a great point to begin a conversation on to educate others.
This is a win for small business. I have had the conversation numerous times about being on someones radar, and what that means for growing your business. If you are truly in it to change the world be it by beauty products or content, then yes, you want to be on someones radar so they can help take you higher. Carol’s Daughter was on L’Oreal’s radar. Did you know L’Oreal also acquired Urban Decay, Magic Holidings, NYX Cosmetics, Essie, Clarsonic, and Niely Cosmeticos Group? L’Oreal owns a majority of your favorite brands.
Did people stop buying Essie or spending $199 on Clarisonics they loved when they were acquired? Or did you really not care that they weren’t “blacked owned”? You connected with Lisa and her story because it was your story. You shop Zara and it’s not “blacked owned”. You bust your head open trying to get a Chanel bag knowing Karl’s remarks about African-Americans and obese people. Do you see the double standard here, when we should be focusing on a win! What this truly means for the growth of the African-American beauty industry. She is backed by a billion dollar company. Do you know the resources behind her and her company now?
Companies must grow or they will die. To grow and go to new heights you must align yourself with people who can help you go higher and higher. Tech companies are acquired daily. No one gripes when Instagram was acquired by Facebook. People were screaming Dr. Dre is going to be hip hops first billionaire not that he “sold out” to Apple. Why is it when Carol’s Daughter is acquired by L’Oreal do we have a problem with them as a company growing?
I think there is a disconnect of people understanding what it really means to run a successful company that wants a global reach. Not just staying in Brooklyn but reaching women in Africa or Japan. That takes a force behind you.
There is so much to learn from Lisa Price and the house of Carol’s Daughter that she built.
What are your thoughts on L’Oreal acquiring Carol’s Daughter? What does this mean for the small business owner?